BitMEX will block new XBTUSD positions on Aug. 26 and force-close any that remain open when the exchange shuts down on Sept. 23. Traders held 39,449,400 XBTUSD contracts — about $39.45 million of Bitcoin exposure — as of the Aug. 10 snapshot, leaving holders 16 days to exit before the restriction begins.
BitMEX recorded 39,449,400 XBTUSD contracts of open interest at 01:55 UTC on Aug. 10, as the exchange approached a two-stage shutdown. XBTUSD is an inverse Bitcoin perpetual futures contract that does not expire during normal trading. Each contract represents $1 of Bitcoin under BitMEX's contract specification, so the Aug. 10 count equals $39.45 million in face value, or about 605.45 BTC at a reported mark price of $65,156.99.
XBTUSD becomes exit-only on Aug. 26
At 04:00 UTC on Aug. 26, BitMEX plans to apply risk limits that block traders from opening new XBTUSD positions, according to its closure notice. Holders can still reduce existing positions, giving them just over 16 days from the snapshot to decide how much exposure to exit before the restriction begins. BitMEX says the exchange otherwise operates normally until closure, subject to those risk limits.
From the Aug. 26 switch until shutdown, BitMEX says it may force-close positions at its sole discretion as part of the wind-down. The exchange may also route contracts with limited liquidity through early-settlement procedures after notice, under its usual process.
Forced closures begin Sept. 23
BitMEX will force-close any XBTUSD position still open at 04:00 UTC on Sept. 23, when exchange services stop. Waiting for that deadline therefore leaves the execution timing with BitMEX, while exiting earlier lets a trader choose when to reduce the position. Afterward, BitMEX says users will retain limited account access to view wallet balances and transaction history and to request withdrawals.
Closure follows a July strategic review
BitMEX announced the closure on July 23, saying the board of its owner and operator, HDR Global Trading Limited, made the decision after a strategic review. KYC-verified users who leave assets on the platform after closure face a monthly account fee based on the greater of $50 equivalent or 1% per year of the remaining balance, and BitMEX said later fee increases would be communicated in advance.
Source: BitMEX
Trading involves risk.
Risk Disclaimer
